FxWirePro: USD/CNY bears maintain upper hand

• USD/CNY hovered near three year low on Tuesday   as investors awaited highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping this week.

• The two leaders are scheduled to meet in Beijing on May 14–15, with trade, technology, Taiwan, and artificial intelligence expected to dominate discussions. The visit will mark the first trip to China by a U.S. president in nearly a decade.

• Trump wants China to convince Tehran to make a deal with Washington to end the conflict. China maintains ties with Iran and remains a major consumer of its oil exports.

• Prior to the market opening, the People's Bank of China set the midpoint rate  at 6.8426 per dollar, its strongest since March 2023 and 481 pips weaker than a Reuters' estimate.

•  Immediate resistance is located at 6.822(SMA 20), any close above will push the pair towards 6.835(38.2%fib)

• Support is seen at 6.925(23.6%fib) and break below could take the pair towards 6.782(Lower BB).

Recommendation: Good to sell around 6.795, with stop loss of 6.820  and target price of 6.750